Choosing an Insurance Policy: What Every Consumer Should Know
You should also find out if your dwelling is insured for actual cash value or replacement cost, and whether or not your personal belongings are protected against a loss by the "named perils" or "open perils" of your policy. Also, as your home and personal possessions change over time, it is a good idea to review your policy to make sure you have sufficient coverage limits for the things that are important to you.
Another thing to note is that a standard homeowner’s
policy does not generally cover losses from flood or earthquake, but you can
get additional coverage for these events by purchasing a separate flood and/or
earthquake policy. Also, if you operate a business out of your home or have
expensive equipment such as computers or televisions, you probably need
additional coverage for them, either by adding an endorsement to your policy or
by buying a separate business property insurance policy.
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If you are a homeowner, schedule an insurance check up
today by contacting your local GEICO representative. A representative will be
happy to go over your current policies and provide recommendations on how to
best protect your home, possessions and family.
2. Auto Insurance
Auto insurance provides coverage for injuries and
property damage that occur when you own or operate a motor vehicle. The cost of
auto insurance depends on many factors including the year, make and model of
your car as well as any special features or safety equipment. It is also
important to consider your driving history, and whether you have a lienholder
on your car. It is always wise to compare prices and coverages from other
companies before making a purchase.
Consumer Reports suggests reviewing your policy
periodically as life changes may affect your coverage needs. It is also a good
idea to look into bundling your auto and home or renter’s insurance policies
for a potential discount.
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A policy is a legal contract between you and the insurer
that states the terms of your coverage. When reviewing your policy, be sure to
take the time to read through it and understand all the clauses and provisions.
Your coverage will depend on the type of policy you have
and may include liability, collision, comprehensive, medical payment and
uninsured motorist coverage. It is also recommended to have higher than minimum
liability limits as this will provide some protection should you be sued for an
accident you cause that results in injury or death to others.
Often, auto insurance companies will use humorous
commercials to lure customers into selecting their product. However, it is
important to remember that these commercials are a marketing tool and should
not influence your coverage decisions.
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When comparing quotes, be sure to request the same
coverage levels for each company so you can get an apples-to-apples comparison.
Also, make sure that you are getting a quote for an actual auto policy and not
a “guaranteed issue” or “non-cancellable” policy.
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